Solutions for Financial Accounting
Problem 3RQ:
3.Samantha is a first-year accounting student. She doesnt think it matters that expenses are...Problem 4RQ:
4.Describe when revenues and expenses are recognized using cash-basis accounting. How does this...Problem 5RQ:
Rip Side of Question 7 5.Executive Lawn provides 100 of landscape maintenance to Peterson Law on...Problem 8RQ:
Consider the information in Question 7. Using cash-basis accounting, on which date would Peterson...Problem 10RQ:
There are two basic types of adjusting entriesprepayments and accruals. Describe each in terms of...Problem 11RQ:
11.Provide an example of a prepaid expense. The adjusting entry associated with a prepaid expense...Problem 12RQ:
Provide an example of a deferred revenue. The adjusting entry associated with a deferred revenue...Problem 13RQ:
13.Provide an example of an accrued expense. The adjusting entry associated with an accrued expense...Problem 14RQ:
Provide an example of an accrued revenue. The adjusting entry associated with an accrued revenue...Problem 15RQ:
Sequoya Printing purchases office supplies for 75 on October 2. The staff uses the office supplies...Problem 16RQ:
Jackson Rental receives its September utility bill of 320 on September 30 but does not pay the bill...Problem 17RQ:
17.Global Printing publishes several types of magazines. Customers are required to pay for magazines...Problem 18RQ:
At the end of May, Robertson Corporation has provided services to customers, but it has not yet...Problem 19RQ:
Fill in the blank associated with each adjusting entry: a.Prepaid expense: Debit Supplies Expense;...Problem 25RQ:
Describe the debits and credits for the three closing entries required at the end of a reporting...Problem 26RQ:
In its first four years of operations, Chance Communications reports net income of 300, 900, 1,500,...Problem 3.1BE:
Determine revenues to be recognized (LO31) Below are transactions for Lobos, Inc., during the month...Problem 3.4BE:
Analyze the impact of transactions on the balance of cash, cash-basis net income and accrual-basis...Problem 3.6BE:
At the beginning of May, Golden Gopher Company reports a balance in Supplies of 500. On May 15,...Problem 3.7BE:
Record the adjusting entry for prepaid rent (LO33) Suppose Hoosiers, a specialty clothing store,...Problem 3.10BE:
Record the adjusting entry for deferred revenue (LO33) BE310Suppose a customer rents a vehicle for...Problem 3.12BE:
Midshipmen Company borrows 15,000 from Falcon Company on July 1, 2018. Midshipmen repays the amount...Problem 3.14BE:
For each of the following accounts, indicate whether the account is shown in the income statement or...Problem 3.18BE:
The following account balances appear in the 2018 adjusted trial balance of Blue Devils Corporation:...Problem 3.1E:
Consider the following situations: 1.American Airlines collects cash on June 12 from the sale of a...Problem 3.2E:
Consider the following situations: 1.American Airlines operates a flight from Dallas to Los Angeles...Problem 3.3E:
Refer to the situations discussed in E31. Required: For each situation, determine the date for which...Problem 3.4E:
Differentiate cash-basis expenses from accrual-basis expenses (LO32) Refer to the situation...Problem 3.6E:
Listed below are all the steps in the accounting cycle. (a)Record and post adjusting entries....Problem 3.11E:
Refer to the information in E310. Calculate the effects of adjusting entries on the accounting...Problem 3.13E:
Below are transactions for Hurricane Company during 2018. a.On October 1, 2018, Hurricane lends 9,...Problem 3.14E:
Prepare an adjusted trial balance (LO33, 34) The December 31, 2018, unadjusted trial balance for...Problem 3.20E:
On January 1, 2018, Red Flash Photography had the following balances: Cash, 12,000; Supplies, 8,000;...Problem 3.1AP:
Consider the following transactions. Required: For each transaction, determine the amount of revenue...Problem 3.3AP:
Record adjusting entries (LO3-3) The information necessary for preparing the 2018 year-end adjusting...Problem 3.4AP:
Crimson Tide Music Academy offers lessons in playing a wide range of musical instruments. The...Problem 3.6AP:
The year-end financial statements of Rattlers Tax Services are provided below. RATTLERS TAX SERVICES...Problem 3.7AP:
Complete the accounting cycle after adjusting entries (LO34, 35, 36, 37) Refer to P34A. Required:...Problem 3.8AP:
The general ledger of Red Storm Cleaners at January 1, 2018, includes the following account...Problem 3.9AP:
The general ledger of Zips Storage at January 1, 2018, includes the following account balances:...Problem 3.1BP:
Consider the following transactions. Required: For each transaction, determine the amount of revenue...Problem 3.6BP:
FIGHTING ILLINI Income Statement Service revenue 89,700 Expenses: Salaries 50,000 Supplies 10,100...Problem 3.8BP:
The general ledger of Pipers Plumbing at January 1, 2018, includes the following account balances:...Problem 3.9BP:
The general ledger of Jackrabbit Rentals at January 1, 2018, includes the following account...Browse All Chapters of This Textbook
Chapter 1 - A Framework For Financial AccountingChapter 2 - The Accounting Cycle: During The PeriodChapter 3 - The Accounting Cycle: End Of The PeriodChapter 4 - Cash And Internal ControlsChapter 5 - Receivables And SalesChapter 6 - Inventory & Cost Of Goods SoldChapter 7 - Long-Term AssetsChapter 8 - Current LiabilitiesChapter 9 - Long-Term LiabilitiesChapter 10 - Stockholders' Equity
Book Details
Don't you love those moments in your course when students are fully engaged? When the "Aha!" revelations are bursting like fireworks? David Spiceland, Wayne Thomas, and Don Herrmann have developed a unique set of materials based directly on their collective years in the classroom. They've brought together best practices like highlighting Common Mistakes, offering frequent Let's Review exercises, integrating the course with a running Continuing Problem, demonstrating the relevance of the course with real-world companies and decision analysis, and communicating it all in a student-friendly conversational writing style. After the proven success of the first three editions of Financial Accounting, we are confident that the fourth edition will not only motivate,engage, and challenge students - it will illuminate the financial accounting course like never before. There is no access code.
Sample Solutions for this Textbook
We offer sample solutions for Financial Accounting homework problems. See examples below:
Chapter 1, Problem 1RQChapter 1, Problem 1.15EChapter 1, Problem 1.16EChapter 1, Problem 1.17EExplanation: Financial statement: Financial statements are condensed summary of transactions...Chapter 1, Problem 1.1APCPExplanation: External events are the events which involves an exchange transaction between the two...September 3 Explanation: Accounts receivable is an asset account. There is an increase in the asset...Explanation: Issued Common stock for cash: Cash is an asset account and the amount has increased...
Journalize the transactions of RH Expeditions for the month of December. DateAccount Title and...Journalize the transactions of S Car Cleaning for the month of June. DateAccount Title and...November 1 Description: Cash is an asset. There is an increase in the asset. So debit the cash...Journalize the transactions of T Cat Services for the month of December. DateAccount Title and...Journalize the transactions of Company GA for the month of July. DateAccount Title and...Revenue refers to the income received from the business activity or sale of product or services...Explanation: Retained earnings: Retained earnings are the portion of earnings kept by the business...Explanation: Journal: Journal is the method of recording monetary business transactions in...Chapter 3, Problem 3.7APChapter 3, Problem 3.8APChapter 3, Problem 3.9APExplanation: T-account: An account is referred to as a T-account, because the alignment of the...Chapter 3, Problem 3.8BPChapter 3, Problem 3.9BPChapter 3, Problem 3.1APCPExplanation: Occupational fraud: Occupational fraud, refers to the fraud carried out intentionally...Explanation: Journal entry: Journal entry is a set of economic events which can be measured in...Explanation: Journal entry: Journal entry is a set of economic events which can be measured in...Chapter 5, Problem 1RQExplanation: Company BHA, has provided services on account, this increases accounts receivable and...Chapter 5, Problem 5.21EChapter 5, Problem 5.3APExplanation: Note receivable: Note receivable refers to a written promise for the amounts to be...Explanation: On June 10: No entry is required because Person R crashes the hard drive and sends to...Chapter 5, Problem 5.3BPExplanation: Note receivable: Note receivable refers to a written promise for the amounts to be...Chapter 6, Problem 1RQChapter 6, Problem 6.4EChapter 6, Problem 6.5EChapter 6, Problem 6.21EChapter 6, Problem 6.1APExplanation: Specific identification method: Specific identification method is a method in which the...Chapter 6, Problem 6.6APChapter 6, Problem 6.1BPExplanation: Specific identification method: Specific identification method identifies the cost of...Chapter 6, Problem 6.6BPExplanation: Company W uses the telecommunication lines of other company. Though company W paid for...Chapter 7, Problem 7.21EChapter 7, Problem 7.5APChapter 7, Problem 7.9APChapter 7, Problem 7.9BPExplanation: Intangible Assets: These are the long-term assets having no physical existence....Explanation: Rate of return on total assets: Rate of return on the total assets is the ratio of the...Explanation: The essential characteristics of liabilities for purposes of financial reporting are as...Chapter 8, Problem 8.16EExplanation: Cash is an asset and it has increased the value of the asset, so debit it for $...Explanation: Notes payable Notes Payable is a written promise to pay a certain amount on a future...Explanation: Current ratio: Current ratio is used to determine the relationship between current...Explanation: Current ratio: Current ratio is used to determine the relationship between current...Chapter 9, Problem 1RQExplanation: Price of bonds}={Present value of principal+Present value of interest...Explanation: Stated interest rate (9%) is greater than the market interest rate (8%) means, the...Explanation: Stated interest rate (7%) is greater than the market interest rate (6%) means, the...Chapter 9, Problem 9.19EExplanation: Prepare the journal entry to record issuance of bonds payable as on 1st January 2018....Explanation: Prepare the journal entry to record issuance of bonds payable as on 1st January 2018....Explanation: Calculate the issue price of the bonds. Price of bonds}={Present value of...Chapter 10, Problem 1RQExplanation: Stockholders’ Equity Section: It is refers to the section of the balance sheet that...Chapter 10, Problem 10.17EExplanation: Preferred stock: The stock that provides a fixed amount of return (dividend) to its...Chapter 10, Problem 10.6APChapter 10, Problem 10.6BPExplanation: Common stock: These are the ordinary shares that a corporation issues to the investors...Chapter 10, Problem 10.4APCAChapter 11, Problem 1RQExplanation: The net cash provided by operating activities is calculated by deducting all cash...Chapter 11, Problem 11.5BPExplanation: The net cash provided by operating activities is calculated by deducting all cash...Chapter 11, Problem 11.4APCAExplanation: Financial information of a business are analyzed by the analysts, investors, creditors,...Explanation: Receivables turnover ratio: Receivables turnover ratio is mainly used to evaluate the...Explanation: Risk Ratios: Risk ratios are the metrics used to evaluate the liquidity, capabilities,...Explanation: Risk Ratios: Risk ratios are the metrics used to evaluate the liquidity, capabilities,...Explanation: Financial Ratios: Financial ratios are the metrics used to evaluate the liquidity,...Explanation: Risk Ratios: Risk ratios are the metrics used to evaluate the liquidity, capabilities,...Explanation: Risk Ratios: Risk ratios are the metrics used to evaluate the liquidity, capabilities,...Explanation: Interest: Interest is the cost of borrowing money, in other words Interest is the...The reasons for a company to invest in another company are as follows: To receive the dividends,...Explanation: Common stocked purchased: Investments are the assets. Purchase of the common stock...Explanation: Record the Incorporation JI’s investment on January 1. Investment: The act of...Explanation: Common stocked purchased: Investments are the assets. Purchase of the common stock...Explanation: Record the Company TS’s investment on January 1. Investment: The act of allocating...Explanation: Generally Accepted Accounting Principle (GAAP): Generally Accepted Accounting Principle...Explanation: Periodic Inventory System: Periodic inventory system is a system in which the inventory...
More Editions of This Book
Corresponding editions of this textbook are also available below:
Financial Accounting
2nd Edition
ISBN: 9780078110825
Financial Accounting 2101 Code >i<
2nd Edition
ISBN: 9781308704241
Financial Accounting (second Edition) (financial Accounting, , Acct. 2301 Special Edition For Richland College)
2nd Edition
ISBN: 9780077615574
Learnsmart Access Card For Financial Accounting
2nd Edition
ISBN: 9780077774875
Learnsmart Access Card For Financial Accounting
1st Edition
ISBN: 9780077775094
Financial Accounting With Connect Access Card
2nd Edition
ISBN: 9781259670541
Financial Accounting
2nd Edition
ISBN: 9780077539757
Financial Accounting
1st Edition
ISBN: 9780073379333
Loose-Leaf Version Financial Accounting
1st Edition
ISBN: 9780077606183
Hm Card Financial Accounting (mcgraw-hill's Homework Manager)
1st Edition
ISBN: 9780077280680
FINANCIAL ACCOUNTING (LOOSELEAF) (CUSTOM
6th Edition
ISBN: 9781264551675
FINANCIAL ACCOUNTING CONNECT ACCESS CARD
6th Edition
ISBN: 9781264756032
FINANCIAL ACCOUNTING-CONNECT ACCESS CODE
6th Edition
ISBN: 9781266129834
FINANCIAL ACCT CONNECT ACCESS CARD
6th Edition
ISBN: 9781266297144
FINANCIAL ACCT LL W/ CONNECT ACCESS
6th Edition
ISBN: 9781266387173
FINANCIAL ACCT NSU-OK CONNECT ACCESS >C<
6th Edition
ISBN: 9781266797163
FINANCIAL ACCT. (LL) W/CONNECT
6th Edition
ISBN: 9781265801281
FINANCIAL ACCT. NSU-OK LL/W CONNCECT >C<
6th Edition
ISBN: 9781266786372
FINANCIAL ACCT.(LL) >CUSTOM PKG.<
6th Edition
ISBN: 9781266791789
FINANCIAL ACCT.-CONNECT>CUSTOM<
6th Edition
ISBN: 9781266309298
FINANCIAL ACCT(LOOSELEAF)>CUSTOM<-W/CODE
6th Edition
ISBN: 9781266096211
FINANCIAL ACCT.
6th Edition
ISBN: 9781260786521
FINANCIAL ACCT.(LOOSELEAF)
6th Edition
ISBN: 9781264140312
FINANCIAL ACCT.(LL)-W/CONNECT >CUSTOM<
6th Edition
ISBN: 9781264866816
FINANCIAL ACCT.-CONNECT ACCESS
6th Edition
ISBN: 9781264140299
FINANCIAL ACCOUNTING- ACCESS
6th Edition
ISBN: 9781264961924
FINANCIAL ACTG W/ CONNECT ACCESS
6th Edition
ISBN: 9781265506735
EBK FINANCIAL ACCT.
6th Edition
ISBN: 9781264140336
NWFSC FINANCIAL ACCOUNTING W/CONNECT+
6th Edition
ISBN: 9781264661008
FINANCIAL ACCOUNTING (LOOSELEAF) + CONNE
6th Edition
ISBN: 9781265868581
FINANCIAL ACCOUNTING EBK ACCESS
6th Edition
ISBN: 9781264206643
FINANCIAL ACCT.(LOOSELEAF)-W/CONNECT
6th Edition
ISBN: 9781265889715
FINANCIAL ACCOUNTING CONNECT ACCESS CARD
6th Edition
ISBN: 9781265214128
FINANCIAL ACCOUNTING LL W/ CONNECT
6th Edition
ISBN: 9781265211394
AC FINANCIAL ACCOUNTING
6th Edition
ISBN: 9781266824654
FINANCIAL ACCOUNTING
6th Edition
ISBN: 9781265239435
FINANCIAL ACCOUNTINGLL W/CONNECT >IC<
4th Edition
ISBN: 9781259934773
Financial Accounting
4th Edition
ISBN: 9781259730948
FINANCIAL ACCOUNTING W/ CONNECT
4th Edition
ISBN: 9781308838823
Connect Access Card for Financial Accounting
4th Edition
ISBN: 9781259730917
LSC LL FINCL ACCTG W/CNCT
4th Edition
ISBN: 9781259948572
FINANCIAL ACCOUNTING >C< LOOSE-LEAF
4th Edition
ISBN: 9781260190823
FINANCIAL ACCOUNTING W/ ACCESS
4th Edition
ISBN: 9781260418194
FIN. ACC. (LL) BARUCH EDITION W/ CONNECT
4th Edition
ISBN: 9781260308457
FINANCIAL ACCOUNTING (LOOSE) >CUSTOM<
4th Edition
ISBN: 9781260012392
FINANCIAL ACCT LL W/ACCESS
4th Edition
ISBN: 9781260732948
NWFSC FINANCIAL ACCOUNTING W/CONNECT+
16th Edition
ISBN: 9781259967535
FINANCIAL ACCT LOOSELEAF W/CONN+
4th Edition
ISBN: 9781259981715
Loose Leaf for Financial Accounting with Connect Access Card
4th Edition
ISBN: 9781259821288
FINANCIAL ACCOUNTING (LL+CONNECT)
4th Edition
ISBN: 9781260685633
FIN ACCT AC W/EBOOK CUSTOM PRICING
4th Edition
ISBN: 9781260816815
FINANCIAL ACCT.-W/ACCESS >CUSTOM<
4th Edition
ISBN: 9781259961908
Financial Accounting - Access
4th Edition
ISBN: 9781259958533
FINANCIAL ACCOUNTING W/ACCESS >CI<
2nd Edition
ISBN: 9781259999024
Financial Accounting (Custom)
4th Edition
ISBN: 9781259958519
FINANCIAL ACCT.-W/ACCESS >CUSTOM<
4th Edition
ISBN: 9781259962059
Financial Accounting 4th Selected Chapter
4th Edition
ISBN: 9781260113280
Connect Access For Financial Accounting For Santa Fe College Acg 2001/11
4th Edition
ISBN: 9781260372229
FINANCIAL ACCOUNTING
4th Edition
ISBN: 9781260514223
FINANCIAL ACCOUNTING SFC ACG F17 LL W/A
4th Edition
ISBN: 9781260381092
Loose Leaf for Financial Accounting
4th Edition
ISBN: 9781259730955
FINANCIAL ACCT.-CONNECT ACCESS >CUSTOM<
4th Edition
ISBN: 9781260199970
FINANCIAL ACCT WCC PKG (LL) W/CONNECT
4th Edition
ISBN: 9781307287646
Financial Accounting with Connect Access Card
4th Edition
ISBN: 9781259821295
FINANCIAL ACCOUNTING (LL W/CONNECT) >IP<
4th Edition
ISBN: 9781260063035
Financial Accounting
3rd Edition
ISBN: 9780078025549
FIN ACCT W/CONNECT >CI<
3rd Edition
ISBN: 9781259397547
Financial accounting
3rd Edition
ISBN: 9780077506902
Financial Accounting With Connect Plus W/learnsmart
3rd Edition
ISBN: 9781259134791
Financial Accounting - With Access
3rd Edition
ISBN: 9781259670534
Financial Accounting (Looseleaf)
3rd Edition
ISBN: 9780077506889
Financial Accounting - Text Oly (Custom)
3rd Edition
ISBN: 9781259397554
Acc 120 Wake Tech Financial Accounting W/connect+ Access
3rd Edition
ISBN: 9781308168920
Financial Accounting
3rd Edition
ISBN: 9780071315814
Financial Accounting: Making The Connection
13th Edition
ISBN: 9780073518398
Financial Account Acct.221
3rd Edition
ISBN: 9781121701755
Financial Accounting - Connect Plus Access
3rd Edition
ISBN: 9780077506803
Financial Accounting - With Access (Looseleaf) (Custom)
3rd Edition
ISBN: 9781259832048
Financial Accounting
5th Edition
ISBN: 9781260161250
FINANCIAL ACCT.-CONNECT ACCESS
5th Edition
ISBN: 9781260518405
FINANCIAL ACCOUNTING PKG (LL W/CONN)>P
4th Edition
ISBN: 9781260129595
GEN COMB LL FIN ACCT
5th Edition
ISBN: 9781260819878
FINANCIAL ACCT
5th Edition
ISBN: 9781260902709
FINANCIAL ACCOUNTING-CONNECT ACCESS COD
5th Edition
ISBN: 9781260823394
FINANCIAL ACCT.(LOOSELEAF)-W/CONNECT
5th Edition
ISBN: 9781260260113
FINANCIAL ACCOUNTING-CUSTOM W/CONNECT>C
5th Edition
ISBN: 9781260828849
FINANCIAL ACC LL W/ACC >CUSTOM<
5th Edition
ISBN: 9781260901184
FINANCIAL ACCT CONNECT CARD
5th Edition
ISBN: 9781260902655
FINANCIAL ACCOUNTING- LL W CONNECT PKG
5th Edition
ISBN: 9781260844405
Financial Accounting Connect Access Card
5th Edition
ISBN: 9781260159622
FINANCIAL ACCOUNTING W/ CONNECT >CI<
5th Edition
ISBN: 9781260909333
FINANCIAL ACCOUNTING
5th Edition
ISBN: 9781260847826
FINANCIAL ACCOUNTING EBOOK ACCESS CARD
5th Edition
ISBN: 9781260916409
FIN ACCOUNTING LL W/CONNECT >CI<
5th Edition
ISBN: 9781260929775
FIN ACCOUNTING ACCESS ONLY >I<
5th Edition
ISBN: 9781260929560
FINANCIAL ACCOUNTING W/ ACCESS >IP<
18th Edition
ISBN: 9781308783062
FINANCIAL ACCOUNTING W/CONNECT
5th Edition
ISBN: 9781307413823
FINANCIAL ACCOUNTING W/CONNECT ACCESS
5th Edition
ISBN: 9781264006281
FINANCIAL ACCOUNTING W/CONNECT ACCESS
5th Edition
ISBN: 9781264006199
FIANACIAL ACCOUNTING
5th Edition
ISBN: 9781266704444
FINANCIAL ACCOUNTING (LL) W/CONNECT
5th Edition
ISBN: 9781259972843
Loose Leaf For Financial Accounting Format: Loose-leaf
5th Edition
ISBN: 9781260159653
FINANCIAL ACCOUNTING (LL) W/ACCESS
5th Edition
ISBN: 9781264036707
FINANCIAL ACCOUNTING 4E CONNECT ACCESS
4th Edition
ISBN: 9781259970443
FINANCIAL ACCOUNTING
5th Edition
ISBN: 9781264263233
FINANCIAL ACCOUNTING CONNECT >C<>ACCESS<
5th Edition
ISBN: 9781264006267
FINANCIAL ACCOUNTING( LL) + CONNECT
5th Edition
ISBN: 9781260951394
Financial Accounting (Connect NOT Included)
4th Edition
ISBN: 9781259930492
FIN ACC W/ CONNECT & PROCTORIO >BI<
5th Edition
ISBN: 9781264523405
FIN.ACCT (LL) W/CONNECT+PROCTORIO
5th Edition
ISBN: 9781265575953
FINANCIAL ACCOUNTING
5th Edition
ISBN: 9781266401879
FINANCIAL ACCOUNTING-ACCESS
5th Edition
ISBN: 9781260118865
Financial Accounting
5th Edition
ISBN: 9781259914898
FINANCIAL ACCOUNTING (LOOSELEAF)
19th Edition
ISBN: 9781264080632
FINANCIAL ACCT(LOOSELEAF)>CUSTOM<-W/COD
5th Edition
ISBN: 9781260829228
CONNECT ACCESS 1 YR FINANCIAL ACCOUNTIN
5th Edition
ISBN: 9781260933451
FINANCIAL ACCOUNTING W/1 YR CODE
5th Edition
ISBN: 9781260952391
FINANCIAL ACCOUNTING 4E PCKG
4th Edition
ISBN: 9781260251715
FINANCIAL ACCOUNTING (LL) W/CONNECT
5th Edition
ISBN: 9781260992892
Related Accounting Textbooks with Solutions
Still sussing out bartleby
Check out a sample textbook solution.